What is your company’s competitive advantage? What makes you stand out among all of the others in the market? Increasingly, it’s not your product or service. Digital has heralded in an age of hyper-competition where companies can start and scale faster, and in greater numbers, than at any other point in history. That means a lot of companies offering a lot of the same things. When it comes to key differentiators, there’s a whole new playing field.
Take Fintech as a case in point. PWC reports that investors brought cumulative investment in Fintech start-ups to over $40 billion between 2013 and 2017, a 41 percent annual growth rate. EY research reveals that the number of consumers using Fintech grew from one in seven in 2015, to one in three in 2017. This growth is the boom of e-commerce, particularly via smart devices, and consumer appetite for convenient self-serve solutions such as online banking.
As the Fintech sector continues to scale at such pace, customer trust is fast becoming the key differentiator. According to Bloomberg Capital’s Annual Fintech Survey 2017, 76% of consumers worry about security with some of the new online banking and payment services, an increase of 4% from the previous year. 37% think Bitcoin and other cryptocurrencies are fake or fraudulent currencies. Ultimately, being able to gain customer trust is becoming the number 1 competitive advantage within the Fintech space and one that is central to growth and success.
The protection of a customers’ private information is key to instilling trust. Data protection breaches, such as the sharing or leaking of private information, can lead to loss of customers and irreparable reputational damage. When it comes to banking and credit card information, the risks are greater as such breaches can result in significant financial loses. While Fintech organisations cannot prevent individuals and businesses from sharing their own private data, they must take responsibility for the safe storage and transfer of information on their platform. Companies, such as payment processor Stripe, are Level 1 PCI compliant, the most stringent level certification available in the payment industry.
In order to build and maintain trust, companies must invest in resources to tackle cybercrime and protect their users. From the banking industry to payment processing and the sharing economy, companies are taking proactive measures to shield customers from fraudulent activity such as card skimming, phishing attacks or stolen credit card transactions. Companies have recognized that in these situations individuals demand live support from highly-skilled individuals who can assist them in achieving a rapid resolution. Industry pioneers like Airbnb have recognised the importance of creating Trust and Safety teams across the globe, offering 24/7 / 365 support to the hosts and guests using the platform. As this requirement grows, companies have started to outsource this work to their most trusted partners.
Voxpro – powered by TELUS International works in partnership with some of the world’s most successful and rapidly growing Fintech companies, managing their Trust, Safety and Risk operations. Voxpro recognizes the critical importance that data protection plays in protecting our customers, and our customers’ customers. Some of the methods that we employ to build trust when setting up a Fintech operation include:
- People – Voxpro understands that a certain type of individual thrives within this environment. We look for individuals who enjoy problem-solving, can think on the fly, have great listening skills, are empathetic and have a caring and friendly manner.
- Environment – all of our Fintech operations have a dedicated, locked-down operational space, with state of the art security on site.
- Policy – Voxpro has been awarded ISO 9001 – 2015, a global accreditation recognised in 162 countries worldwide that ensures our quality management systems adhere to the latest standards. Company policy is also key – careful and comprehensive Implementation of data protection, as well as social media, clean desk and information security policies all work together to create a highly secure environment ensuring an equally high level of trust is built.
It takes a lot to build and maintain a lasting trust with customers, and these are just three of the many, often complex, steps involved. Talk to us about the rest, or read more about the customer experience solutions that we deliver on behalf of some of the world’s fastest-growing technology companies.